How do I calculate the amount of interest owed on a small claims court judgment?

In Illinois, interest on a small claims court judgment is calculated using the simple interest formula. This involves multiplying the amount of the judgment by the interest rate (also known as the statutory rate) and then multiplying that number by the number of years the judgment has been outstanding. The statutory rate in Illinois is 5%, and this rate is used for all judgments regardless of the date of issuance. As an example, if you are owed $2,000 on a judgment from two years ago, you would calculate interest owed as follows: $2,000 x 0.05 (5%) = $100 x 2 (years outstanding) = $200. In addition to the statutory rate, some courts may use an additional multiplier for more complicated judgments. This can increase the amount of interest owed. To be sure, it is best to check the court’s website or contact the clerk to determine any additional calculations that may be required. It is important to note that the interest on a small claims court judgment is cumulative and must be paid along with the amount of the judgment. If the judgment remains unpaid, the amount of interest owed will continue to accrue, and the overall amount due will continue to increase.

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How do I calculate the amount of interest owed on a small claims court judgment?

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